One of North America's largest thermoformers is getting bigger, as D&W Fine Pack LLC has signed an agreement to buy CM Packaging Group Inc. for an undisclosed price.
The combined company will have annual sales of almost $400 million and will employ 1,600 at 11 plants in the U.S. and Canada, officials said in a Nov. 10 news release announcing the deal.
“Adding CM Packaging Group's offerings to our substantial product suite allows us to present customers with greater choice and flexibility to meet evolving demands in the food-service and food-packaging markets,” D&W President and CEO Mark Staton said in the release.
It's the second deal of the year for Fountain Inn, S.C.-based D&W, which ranked as North America's sixth-largest thermoformer in Plastics News' February survey, with estimated annual thermoforming sales of $280 million. In April, D&W acquired thermoformer Tri-City Packaging Ltd. of Waterloo, Ontario.
Lake Zurich, Ill.-based CM supplies rigid plastic containers and aluminum packaging for the restaurant, grocery, bakery, produce and food-processing markets. In addition to Lake Zurich, CM operates plants in New York, Michigan, Florida and Kentucky, as well as a distribution center in California. Those sites have a combined square footage of 460,000 and employ 300.
CM grew by acquiring thermoformers Packaging Direct Inc. in 2005 and Stone Plastics Inc. in 2006. Plastics News estimated CM's annual thermoforming sales at $57 million in the February ranking, and its total sales at $95 million.
P&M Corporate Finance LLC of Southfield, Mich., served as CM's adviser on the deal, which is expected to close in late November.